Registration number:
Brent Cars Limited
for the Year Ended 30 September 2025
Brent Cars Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Brent Cars Limited
Company Information
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Directors |
S Winter G Bird K J Hector K K Twine |
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Registered office |
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Auditors |
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Brent Cars Limited
Strategic Report for the Year Ended 30 September 2025
The directors present their strategic report for the year ended 30 September 2025.
Principal activity
The principal activity of the company is that of a second hand vehicle retailer.
Fair review of the business
Economic Overview
The 2025 financial year represented a significant improvement in trading performance. Following the unprecedented volatility experienced across the UK used vehicle market during the previous year, trading conditions became progressively more stable, allowing the business to benefit from the strategic actions implemented during 2024.
Revenue increased to £168.6 million (2024: £151.8 million) and gross profit rose to £11.8 million (2024: £9.9 million), reflecting higher sales volumes, stronger vehicle sourcing and improved pricing capability.
The Company returned to operating profitability, generating an operating profit of £1.8 million compared with an operating loss of £0.1 million in the previous year. Although the Company reported a loss before taxation of £0.46 million, the Board considers the overall financial performance to represent a substantial recovery from the prior year and clear evidence that the strategic actions implemented over recent years are delivering the intended results. The business has returned to operating profitability and is well positioned to build on this recovery. The significant post year-end investment described in the Future Developments section is expected to increase operational capacity and support future growth.
The used vehicle market continues to operate within a changing economic environment, influenced by interest rates, consumer confidence, vehicle supply and evolution in vehicle technology. The Board remains focused on maintaining a disciplined approach to managing day to day operations whilst supporting long term sustainable growth.
Trading Performance
Revenue increased by 11.1%, driven by stronger retail demand, improved vehicle availability and continued growth in ancillary product sales and aftersales activity. Growth was achieved despite capacity constraints within the Company's existing vehicle preparation facility.
Gross margin strengthened to 7.0% through disciplined purchasing, continued enhancement of the Company's proprietary pricing systems and an increased focus on optimising both stock turn and vehicle margin.
Finance and insurance income remained an important contributor to profitability, supported by strong customer engagement and continued demand for complementary products including warranties, vehicle protection products and the Carbase Owners Club.
Aftersales revenue increased by 21% following the deployment of customer-facing software that improved productivity, enhanced workshop diary management and increased service capacity.
Administrative expenses remained tightly controlled despite ongoing inflationary pressures, reflecting the continued focus on cost discipline across the business.
Finance costs remained elevated due to higher interest rates on stocking facilities and borrowing arrangements. Whilst these costs continued to impact profit before taxation during the year, the business has returned to operating profitability and remains focused on improving earnings through continuous operational improvement and disciplined financial management.
Brent Cars Limited
Strategic Report for the Year Ended 30 September 2025
Operational Highlights
Continuous improvement remained a key strategic priority throughout the year. Investment continued in proprietary technology, automation and data analytics to improve decision-making across vehicle sourcing, stock management, pricing and customer engagement.
Our pricing platform utilises agentic AI to analyse market movements in real time, enabling faster pricing decisions and improved inventory management. During the year these capabilities were further extended into vehicle procurement, improving purchasing decisions and helping optimise returns on invested capital.
Customer experience remains central to the Company's strategy. Investment in digital processes, automation and customer insight has improved responsiveness throughout the customer journey while maintaining the high levels of service for which Carbase is recognised.
The Company's operational excellence continued to receive external recognition. During the year Carbase retained its reputation as one of the UK's leading independent used vehicle retailers, being highly commended by multiple industry partners in a variety of categories and notably winning Motor Dealer’s Social Media Award. The business also retained its “Great Place To Work” accreditation for the third year running, reflecting its ongoing commitment to employee engagement, leadership development and organisational culture.
Financial position
The Board continues to manage the Company's financial position prudently through detailed cash flow forecasting, disciplined working capital management and close engagement with its funding partners. During the year the Company maintained access to appropriate funding facilities to support its operations and future growth while continuing to invest selectively in technology and infrastructure.
The operational recovery achieved during the year demonstrates the effectiveness of the strategic actions implemented over recent years, including site consolidation, cost rationalisation, improved operational efficiency and enhanced commercial discipline.
The Board has long recognised that vehicle preparation capacity has been the principal operational constraint on the Company's ability to increase sales volumes whilst maintaining the quality standards and customer experience that differentiate the Carbase brand. With the business now returned to operating profitability, the Board has progressed the next phase of its long-term strategy. Following the year end, the Company secured a long-term lease on a new purpose-built vehicle preparation centre, representing the most significant operational investment undertaken by the Company in recent years. This investment is expected to remove a key capacity constraint on future growth and is discussed further in the Future Developments section.
The Directors remain committed to maintaining a strong balance between investment for future growth and prudent financial management. Continued focus will be placed on cash generation, operational efficiency and disciplined capital allocation to ensure the business remains resilient and well positioned to deliver on its strategic plan.
Brent Cars Limited
Strategic Report for the Year Ended 30 September 2025
Key Performance Indicators
The Board monitors a range of financial and operational measures to assess performance and support decision making. During the year operating profit improved to £1.8 million, reflecting the successful recovery in trading performance. Gross margin strengthened and stock turn improved to 56 days, demonstrating continued progress in inventory management and overall trading efficiency.
Alongside financial performance, the Company continues to monitor employee engagement, operational efficiency and customer satisfaction as key indicators of long-term sustainable success.
The company's key financial and other performance indicators during the year were as follows:
|
Unit |
2025 |
2024 |
|
|
Customer review score |
% |
96 |
95 |
|
Sales growth/(decrease) |
% |
11 |
(3) |
|
Operating profit/(loss) |
£ |
1,829,135 |
(86,099) |
|
Average days in stock |
56 |
60 |
Principal risks and uncertainties
Economic Risk
The company’s performance is directly impacted by the economic environment and any fluctuations in inflation, interest rates, employment levels and consumer confidence. To mitigate this risk the company strives to deliver a balanced offering of competitively priced vehicles and a high level of customer service and after sales care. We continue to deal exclusively in used vehicles and have a wide range of car and van stock covering budget to nearly new vehicles.
Used vehicle Supply Risk
The supply of used vehicles in our preferred age range of stock has been impacted by the pandemic era disruption to new vehicle production and will take several more years to work through the system. Over many years we have built strong and progressive relationships with a wide range of suppliers of used vehicles to help mitigate some of that risk when supply becomes constrained. Additionally, a focus on boosting the number of part exchanges and direct purchases we take in from customers is helping to offset the supply risk. We also maintain headroom on our stock funding facilities to provide flexibility throughout the economic cycle.
Price Risk
The Company is exposed to fluctuations in used vehicle market values, which can have a direct impact on vehicle margins, inventory values and profitability. Whilst the market stabilised during the year, pricing remains influenced by vehicle supply, consumer demand, interest rates and wider economic conditions. The Company mitigates this risk through disciplined purchasing, advanced AI-driven pricing systems and continual monitoring of market conditions. Vehicle prices are reviewed daily, enabling the business to respond quickly to market movements while optimising both stock turn and gross margin
Compliance Risk
The company is exposed to all the usual laws and regulations plus industry specific regulations around customer finance and insurance products. We use an external compliance company to help monitor our regulatory risk, including regular detailed reviews of our website and sales documentation. We take our responsibilities very seriously and are confident that we continue to be fully compliant with all applicable regulations including the recent Consumer Duty legislation which further strengthens protections for the consumer on regulated products.
Brent Cars Limited
Strategic Report for the Year Ended 30 September 2025
Section 172(1) statement
The Directors of Brent Cars Limited are mindful of their duty under Section 172(1) of the Companies Act 2006 to promote the success of the company for the benefit of its members as a whole, while having regard to the broader interests of stakeholders and the long-term impact of their decisions.
In fulfilling this duty, the Directors consider the likely long-term consequences of strategic and operational decisions, the interests of employees, the importance of fostering strong relationships with customers, suppliers, and funding partners, and the company’s impact on the wider community and environment.
Long-term strategy and resilience
During the year, the Board balanced short-term financial discipline with continued investment in the Company's long-term strategic capabilities. Alongside actions to improve profitability, strengthen operational efficiency and enhance commercial performance, the Directors progressed plans to significantly expand the Company's vehicle preparation capability, culminating in the acquisition of a long-term lease on a new vehicle preparation centre following the year end. In reaching this decision, the Board carefully considered the long-term interests of shareholders, employees, customers, suppliers and funding partners, recognising that increased operational capacity would enhance customer service, create future employment opportunities, strengthen supplier relationships and support sustainable long-term value creation.
Engagement with employees
Our employees are fundamental to the long-term success of the business. We are committed to attracting, developing, and retaining skilled colleagues by fostering a safe, inclusive, and values-driven workplace. Our culture is underpinned by core values such as integrity and care.
We engage with employees through regular business updates and Q&A sessions hosted by senior leadership, where staff are encouraged to submit questions in advance. We also conduct regular pulse surveys to monitor engagement and identify areas for improvement.
In November 2023, we were proud to achieve Great Place To Work accreditation at our first attempt, an accolade we have now retained in both 2024 and 2025. This recognition reflects our ongoing efforts to be an employer of choice in the automotive sector.
Customer focus
The Company continues to build on its longstanding reputation for customer service. During the year, Carbase was highly commended across a number of industry award categories and won Motor Dealer's Social Media Award, building on its previous recognition as Used Car Supermarket of the Year.
Our reputation for outstanding customer service remains a key differentiator. We consistently achieve high customer review scores across multiple platforms, and we actively monitor and refine our processes to ensure we deliver a seamless and satisfying experience, from initial enquiry through to aftersales care.
Brent Cars Limited
Strategic Report for the Year Ended 30 September 2025
Engagement with suppliers, customers and other relationships
We aim to build long-term, mutually beneficial relationships with our suppliers. This includes entering into multi-year agreements with key vehicle providers to help ensure supply stability during periods of market volatility.
The Company maintained regular engagement with it’s funding partners throughout the year, ensuring continued access to appropriate facilities to support both day-to-day operations and the Company's long-term investment programme.
Community and environment
We also recognise our role in the wider community. We support local causes, sponsor community sports teams, and are mindful of our environmental impact. We continue to engage with local colleges, encouraging young people to explore careers in the automotive retail sector.
Fairness Between Members
As a family-owned business, the interests of our members are closely aligned with the long-term success of the company. The Directors are committed to upholding high standards of business conduct and acting fairly between members of the company. These principles are embedded in the company’s governance and decision-making processes.
Approved by the
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Brent Cars Limited
Directors' Report for the Year Ended 30 September 2025
The directors present their report and the financial statements for the year ended 30 September 2025.
Directors of the company
The directors who held office during the year were as follows:
Dividends
The directors recommend a final dividend payment of £Nil be made in respect of the financial year ended 30 September 2025 (2024 - £Nil).
Financial instruments
The Company has established policies and procedures to identify, monitor and manage financial risks arising from its operations. The principal objectives are to maintain adequate liquidity, preserve access to funding and minimise exposure to financial risks where appropriate, supporting the long-term stability of the business.
Objectives and policies
The Company's objective is to deliver sustainable long-term value through the profitable retailing of quality used vehicles supported by a strong customer proposition and disciplined operational management.
During the year, the Directors remained focused on improving operational efficiency, strengthening gross margins and maintaining tight control of costs while continuing to invest selectively in technology, operational infrastructure, data capability and customer experience. These initiatives are intended to enhance the resilience of the business and support sustainable profitability over the long term.
Price risk, credit risk, liquidity risk and cash flow risk
a) Price risk – The Company holds a significant inventory of used vehicles and is therefore exposed to changes in market values that may affect inventory valuations and realised sales margins. The Directors monitor this exposure through regular review of vehicle ageing, stock turn and market pricing data. Exposure is managed through established purchasing disciplines, dynamic pricing systems and active inventory management, enabling the Company to maintain an appropriate balance between stock levels, vehicle margins and working capital efficiency.
b) Credit risk – Credit risk primarily arises from trade receivables and finance-related balances. The Company maintains appropriate credit control procedures and continually reviews customer creditworthiness where relevant. Exposure to bad debts remains very low.
c) Liquidity risk – The Directors closely monitor cash flow and funding requirements through detailed forecasting and regular review of available facilities. The Company maintains appropriate funding arrangements with its lending partners to provide sufficient liquidity for ongoing operations and future growth.
Brent Cars Limited
Directors' Report for the Year Ended 30 September 2025
d) Interest rate risk - The Company has borrowings subject to variable interest rates and therefore remains exposed to movements in market interest rates. The Directors continue to monitor interest rate trends and funding costs carefully and maintain regular dialogue with funding partners to ensure the business remains appropriately financed.
Energy and carbon report
We have considered the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) when preparing this report. These recommendations encourage businesses to increase disclosure of climate-related information, with an emphasis on financial disclosure. Brent Cars Limited supports these recommendations and are committed to disclosing the relevant information which can be found below.
Governance
In accordance with the Companies (Directors’ Report) Regulations 2018, Brent Cars Limited has prepared the following energy and carbon declaration. The data has been reported for all entities which operate under Brent Cars Limited without exclusion. Brent Cars Limited is not responsible for any energy consumption or emissions outside of the UK.
Emissions and energy consumption
The following standards are used in the calculation of the below disclosures:
• 2019 HM Government Environmental Reporting Guidelines
• GHG Reporting Protocol – Corporate Standard
• 2024 UK Government's Conversion Factors for Company Reporting
Summary of scope 1 (direct) greenhouse gas emissions for the year ended 30 September 2025:
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Name and description |
Unit of measurement |
2025 |
2024 |
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Natural gas consumption |
Metric tonnes CO2e |
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Business transport |
Metric tonnes CO2e |
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Additional fuels |
Metric tonnes CO2e |
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|
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Summary of scope 2 (indirect) greenhouse gas emissions for the year ended 30 September 2025:
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Name and description |
Unit of measurement |
2025 |
2024 |
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Purchased electricity |
Metric tonnes CO2e |
|
|
Summary of scope 3 (other indirect) greenhouse gas emissions for the year ended 30 September 2025:
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Name and description |
Unit of measurement |
2025 |
2024 |
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Grey Fleet Transport |
Metric tonnes CO2e |
|
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Brent Cars Limited
Directors' Report for the Year Ended 30 September 2025
Summary of energy consumption for the year ended 30 September 2025:
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Name and description |
Unit of measurement |
2025 |
2024 |
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Gas |
kWh |
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|
|
Electricity |
kWh |
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|
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Transport fuel |
kWh |
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|
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Additional fuels |
kWh |
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|
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|
|
Intensity ratio
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|
Energy effeciency action
Our planned move to a new vehicle preparation centre in late 2026 is expected to reduce our carbon footprint per vehicle produced as the new facility benefits from a single large building which will be more efficient to heat than the collection of smaller buildings at our existing facility.
2025 saw Brent Cars further increase the number of used electric and hybrid vehicles sold, a number that is set to increase substantially over the next few years. We have installed a number of EV charging points at our key sites to facilitate the sale of all such vehicles and help more customers make the transition to EV’s.
Brent Car’s energy conscious maintenance and procurement policies have led to continuous replacement of existing light fittings with LED installations. As strong lighting is one of the major contributors to our Carbon footprint, this goes a long way to increasing efficiency at our sites.
Future developments
The Directors have long recognised that vehicle preparation capacity has been one of the principal constraints on the Company's ability to support future growth. Accordingly, on 30 April 2026 the Company secured a long-term lease on a new purpose-built vehicle preparation centre, which will in due course replace our existing facility. The new site is being designed to deliver market-leading operational efficiency and vehicle preparation capability. Whilst occupying a similar overall site area, the facility is expected to more than double existing production capacity, materially reduce vehicle preparation cycle times and create opportunities to expand both retail vehicle sales and third-party preparation services.
This investment has formed a key part of the Company's long-term strategic plan for several years and is scheduled to become operational before the end of 2026, with the principal financial benefits expected to be realised during 2027.
To support the transition to the new facility, the Company has strengthened its funding arrangements through a combination of shareholder investment and external finance. In May 2026, £1 million of shareholder loans were converted into equity and, in June 2026, a further £1 million of new share capital was subscribed. A further equity subscription of £1 million is planned for July 2026. In parallel, the Company is in the final stages of securing a £1.25 million asset finance facility to support investment in equipment for the new vehicle preparation centre. This investment reflects the Board's confidence in the Company's long-term strategy and its commitment to establishing the infrastructure required to support the next phase of profitable growth.
Brent Cars Limited
Directors' Report for the Year Ended 30 September 2025
The Directors believe that this investment represents a defining milestone in the Company's long-term strategy. Together with Carbase's established market position, experienced management team and continued investment in digital capability, it provides a strong platform to accelerate profitable growth, enhance operational efficiency and create sustainable long-term value for shareholders and other stakeholders.
Important non adjusting events after the financial period
On 30 April 2026, the Company entered into a long-term lease for a new purpose-built vehicle preparation centre to replace its existing vehicle preparation facility. The new site is expected to more than double the Company's existing vehicle preparation capacity and represents a significant strategic investment in the future growth of the business.
To support the transition to the new facility, the Company has strengthened its funding arrangements through a combination of shareholder investment and external finance. In May 2026, £1 million of shareholder loans were converted into equity and, in June 2026, a further £1 million of new share capital was subscribed. A further equity subscription of £1 million is planned for July 2026. In parallel, the Company is in the final stages of securing a £1.25 million asset finance facility to support investment in equipment for the new vehicle preparation centre.
These events are considered non-adjusting events after the reporting period and, accordingly, no adjustment has been made to these financial statements.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors ML Audit LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
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Brent Cars Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Brent Cars Limited
Independent Auditor's Report to the Members of Brent Cars Limited
Opinion
We have audited the financial statements of Brent Cars Limited (the 'company') for the year ended 30 September 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Brent Cars Limited
Independent Auditor's Report to the Members of Brent Cars Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 11, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
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• |
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
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• |
inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
Brent Cars Limited
Independent Auditor's Report to the Members of Brent Cars Limited
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• |
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Winchester House
Deane Gate Avenue
Somerset
TA1 2UH
Brent Cars Limited
Profit and Loss Account for the Year Ended 30 September 2025
|
Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit/(loss) |
1,829,135 |
(86,099) |
|
|
Other interest receivable and similar income |
- |
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
(2,291,683) |
(2,127,693) |
||
|
Loss before tax |
( |
( |
|
|
Tax on loss |
( |
|
|
|
Loss for the financial year |
( |
( |
The company has no recognised gains or losses for the year other than the results above.
Accordingly, a seperate Statement of Other Comprehensive Income is not presented.
Brent Cars Limited
(Registration number: 04794864)
Balance Sheet as at 30 September 2025
|
Note |
2025 |
(As restated) |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
Investments |
- |
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Share premium reserve |
|
|
|
|
Capital redemption reserve |
|
|
|
|
Profit and loss account |
( |
( |
|
|
Total equity |
|
|
Approved and authorised by the
|
|
Brent Cars Limited
Statement of Changes in Equity for the Year Ended 30 September 2025
|
Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 October 2023 |
|
- |
|
( |
|
|
Loss for the year |
- |
- |
- |
( |
( |
|
New share capital subscribed |
|
|
- |
- |
|
|
At 30 September 2024 |
1,010,200 |
915,000 |
1,302,654 |
(2,187,976) |
1,039,878 |
|
Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 October 2024 |
|
|
|
( |
|
|
Loss for the year |
- |
- |
- |
( |
( |
|
Total comprehensive income |
- |
- |
- |
( |
( |
|
New share capital subscribed |
|
|
- |
- |
|
|
Purchase of own share capital |
(75,000) |
- |
- |
- |
(75,000) |
|
At 30 September 2025 |
|
|
|
( |
|
Brent Cars Limited
Statement of Cash Flows for the Year Ended 30 September 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Loss for the year |
( |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Profit on disposal of tangible assets |
- |
( |
|
|
Loss from disposals of investments |
|
- |
|
|
Finance income |
- |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
( |
|
|
|
|
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in stocks |
( |
|
|
|
(Increase)/decrease in trade debtors |
( |
|
|
|
Decrease in trade creditors |
( |
( |
|
|
Cash generated from operations |
( |
|
|
|
Income taxes received/(paid) |
|
( |
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
- |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
- |
|
|
|
Net cash flows from investing activities |
( |
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from issue of ordinary shares, net of issue costs |
|
- |
|
|
Proceeds from bank borrowing draw downs |
|
- |
|
|
Repayment of bank borrowing |
- |
( |
|
|
Proceeds from other borrowing draw downs |
- |
|
|
|
Repayment of other borrowing |
( |
( |
|
|
Purchase of share capital |
( |
- |
|
|
Net cash flows from financing activities |
|
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 October |
|
|
|
|
Cash and cash equivalents at 30 September |
1,258,009 |
3,162,008 |
|
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis.
In assessing the appropriateness of this basis of preparation, the Directors have considered the Company's current financial position, available funding facilities, projected trading performance and cash flow forecasts covering a period of at least twelve months from the date of approval of these financial statements.
The Company reported a loss before taxation for the year of £0.46 million (2024: £2.5 million). However, trading performance improved significantly during the year, with turnover increasing to £168.6 million and the Company returning to operating profitability, generating an operating profit of £1.8 million compared with an operating loss in the previous year. The Directors consider this improvement to demonstrate that the strategic actions implemented over recent years are delivering the expected operational and financial benefits.
Following the year end, the Company entered into a long-term lease for a new vehicle preparation centre and secured funding in excess of £3 million through a combination of debt finance and shareholder investment to support the transition to the new facility. The Directors have incorporated the expected cash flows associated with this investment into their forecasts and are satisfied that adequate funding is available to support both the Company's ongoing operations and its planned strategic investment.
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
Having considered the Company's cash flow forecasts, available financing facilities and the assumptions underpinning those forecasts, the Directors have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.
Prior period errors
During the year ended 30 September 2025, the company voluntarily changed its accounting policy for the recognition of certain vehicles as Consignment Stock.
Management elected this change due to the changing nature of trading agreements between the company and some suppliers of vehicles, which has caused the company to reassess whether such vehicles meet the relevant criteria to be considered Consignment Stock and be recognised as an asset on the Balance Sheet.
This change in accounting policy has been applied retrospectively. Consequently, the comparative financial statements for the prior period have been restated to reflect the new policy.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Stocks | - | (5,443,878) | - |
Accruals | - | 5,443,878 | - |
Judgements
The Company sources vehicles through a variety of purchasing arrangements, including purchase or return agreements and online auction platforms. Inventory is recognised only when the Company has obtained control of the vehicle and the significant risks and rewards of ownership have transferred. Vehicles held under purchase or return arrangements and vehicles subject to conditional purchase agreements are therefore not recognised as inventory until the Company becomes committed to complete the purchase in accordance with the relevant contractual terms. |
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
Key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Deferred tax asset
The deferred tax asset has been recognised for unutilised tax losses to the extent that it is probable that future taxable profits will be available against which the losses can be utilised. Estimations have been made to predict the expected future profit of the company. The carrying amount is £1,000,000 (2024 - £1,170,000).
Impairment of goodwill
The company considers whether goodwill is impaired. Where an indication of impairment is identified an estimation of recoverable value is made. No indication of impairment existed at the year end. The carrying amount is £294,357 (2024 - £466,704).
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue for the sale of goods when all the following conditions are satisfied:
a) the significant risks and rewards of ownership have been transferred to the buyer;
b) the group retains no continuing involvement or control over the goods;
c) the amount of revenue can be reliably measured;
d) it is probable that future economic benefits will flow to the company; and
e) specific criteria have been met for each of the groups activities.
The company recognises revenue from the provision of services in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
a) the amount of revenue can be reliably measured;
b) it is probable that future economic benefit will flow to the company;
c) the stage of completion of the contract at the end of the reporting period can be reliably measured; and
d) the costs incurred and the costs to complete the contract can be reliably measured.
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Intangible assets
Intangible assets acquired in a business combination are recognised as assets at their fair value at the acquisition date. Intangibles are amortised over their useful lives, which shall not exceed ten years if a reliable estimate of their useful lives cannot be made.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful lives as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
Straight line over 5 - 7 years |
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Registered trademarks |
Straight line over 5 years |
|
Other intangible assets |
Straight line over 2 - 5 years |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, less any estimated residual value, other than land and properties under construction, over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Leasehold land and buildings |
Straight line over the life of the lease/ 5% straight line where substance over form has been adopted |
|
Motor vehicles |
25% reducing balance |
|
Plant and machinery |
10-25% reducing balance |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Business combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination.
Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination the excess is recognised separately on the face of the consolidated statement of financial position immediately below goodwill.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell.
Costs incurred in bringing each product to its present location and condition are based on purchase cost plus any reconditioning costs.
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
Debtors
Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. The aggregate benefit of lease incentives is recognised as a reduction to the expense recognised over the lease term on a straight line basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off as incurred unless it meets the recognition criteria of a tangible asset as defined by FRS 102 Section 18, in which case it is recognised as an asset of the company.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
A dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
|
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of second hand cars |
|
|
|
Sale of add on products |
|
|
|
Car repair and preparation services |
|
|
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Government grants |
|
- |
|
Miscellaneous other operating income |
|
|
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain on disposal of Tangible assets |
- |
|
|
Loss from disposals of investments |
( |
- |
|
(20) |
20,511 |
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Operating profit/(loss) |
Arrived at after charging/(crediting):
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense - property |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Profit on disposal of property, plant and equipment |
- |
( |
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Other finance income |
- |
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on borrowings |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
Sales |
|
|
|
Other departments |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
197,673 |
196,815 |
During the year the number of directors who were receiving benefits was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
All other assurance services |
|
|
|
|
|
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Taxation |
Tax charged/(credited) in the income statement:
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
( |
- |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense/(receipt) in the income statement |
|
( |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
(Decrease)/increase in UK and foreign current tax from adjustment for prior periods |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax expense/(credit) from unrecognised tax loss or credit |
|
( |
|
Deferred tax expense from unrecognised temporary difference from a prior period |
|
- |
|
Total tax charge/(credit) |
|
( |
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Difference between accumulated depreciation and capital allowances |
( |
- |
|
Tax losses carried forward |
|
- |
|
|
- |
|
2024 |
Asset |
Liability |
|
Difference between accumulated depreciation and capital allowances |
( |
- |
|
Tax losses carried forward |
|
- |
|
|
- |
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
Any net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is not expected to be significant.
|
Intangible assets |
|
Goodwill |
Registered trademarks |
Other intangible assets |
Total |
|
|
Cost |
||||
|
At 1 October 2024 |
|
|
|
|
|
At 30 September 2025 |
|
|
|
|
|
Amortisation |
||||
|
At 1 October 2024 |
|
|
|
|
|
Amortisation charge |
|
- |
- |
|
|
At 30 September 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 September 2025 |
|
- |
- |
|
|
At 30 September 2024 |
|
- |
- |
|
The amortisation of intangible assets is included in administrative expenses in the profit and loss account.
Pledged as security
Individually material intangible assets
|
|
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Tangible assets |
|
Leasehold land and buildings |
Plant and machinery |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 October 2024 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 30 September 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 October 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 30 September 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 September 2025 |
|
|
|
|
|
At 30 September 2024 |
|
|
|
|
Restriction on title and pledged as security
|
Investments |
|
2025 |
2024 |
|
|
Investments in subsidiaries |
- |
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 October 2024 |
|
|
Disposals |
( |
|
At 30 September 2025 |
- |
|
Carrying amount |
|
|
At 30 September 2025 |
- |
|
At 30 September 2024 |
|
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Disposals |
|
Stocks |
|
2025 |
(As restated) |
|
|
Stocks |
|
|
Impairment of stocks
The amount of impairment loss included in profit or loss is £66,611 (2024 - £Nil). The amount of reversal of impairment recognised in profit or loss is £Nil (2024 - £72,980).
The carrying amount of stocks pledged as security for liabilities amounted to £
|
Debtors |
|
Current |
Note |
2025 |
2024 |
|
Trade debtors |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Accrued income |
|
|
|
|
Deferred tax assets |
|
|
|
|
Corporation tax asset |
|
|
|
|
|
|
Other debtors includes £350,000 (2024 - £350,000) of unpaid share capital at 30 September 2025.
Details of non-current trade and other debtors
£1,170,000 (2024 - £960,285) of deferred tax assets is classified as non current.
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Creditors |
|
Note |
2025 |
(As restated) |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
|
Other non-current creditors |
|
|
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Authorised, allotted and called up shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
591,375 |
|
585,000 |
|
|
|
200 |
|
200 |
|
|
|
350,000 |
|
350,000 |
|
|
- |
- |
|
75,000 |
|
|
|
|
|
|
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
New shares allotted
|
During the year 6,375 |
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Ordinary A and B shares have the following rights, preferences and restrictions: |
|
Preference shares have the following rights, preferences and restrictions: |
|
Reserves |
Capital redemption reserve
The capital redemption reserve has arisen due to the company buying back and cancelling preference shares of £1 each. The creation of the capital redemption reserve preserves the capital of the company.
Profit and loss account
This reserve represents accumulated profits net of any distributions made to shareholders.
Share premium reserve
The share premium reserve has arisen due to the company issuing new ordinary shares for a value in excess of the £1 nominal value.
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
Stocking loan facility |
|
|
|
Other borrowings |
|
|
|
|
|
|
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Other borrowings |
|
|
Stocking loan facility
|
£22,231,395 (2024 - £17,885,599) is secured by fixed and floating charges over various stock and fixed assets including all freehold property held in the company.
|
Other borrowings
The company has various private loans from individuals and companies which are denominated in pounds with a nominal interest rate of varying amounts up to 10%, and the final instalment is due on 30 April 2030. The carrying amount at year end is £5,257,377 (2024 - £5,532,923).
The loans have varying terms ranging from 2 months notice to 5 years and the majority of investors re-invest when their loans reach maturity.
Loans from connected parties totalling £331,000 (2024 - £702,790) are included within the private loans detailed above. These loans become payable if 2 months notice is given, however all these loans are held for long term investment and redemptions are expected to be minimal. The loans are either controlled or strongly influenced by the directors.
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Analysis of changes in net debt |
|
At 1 October 2024 |
Financing cash flows |
At 30 September 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
3,162,008 |
(1,903,999) |
1,258,009 |
|
Borrowings |
|||
|
Long term borrowings |
(2,618,087) |
1,285,536 |
(1,332,551) |
|
Short term borrowings |
(20,800,435) |
(5,355,786) |
(26,156,221) |
|
(23,418,522) |
(4,070,250) |
(27,488,772) |
|
|
( |
( |
( |
|
|
|
|||
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Related party transactions |
Key management compensation
|
2025 |
2024 |
|
|
Salaries and other short term employee benefits |
|
|
Summary of transactions with other related parties
During the year other related parties rendered services to the company including commission charges and management charges.
During the year, the company purchased vehicles from other related parties.
The company continued to provide loans to other related parties which were interest free and repayable on demand.
Other related parties continued to provide loans to the company on which interest was charged at varying rates and are repayable under various terms as described in note 24 Loans and borrowings.
Income and receivables from related parties
|
2025 |
Other related parties |
|
Amounts receivable from related party |
|
|
|
|
|
2024 |
Other related parties |
|
Amounts receivable from related party |
|
|
|
|
Expenditure with and payables to related parties
|
2025 |
Other related parties |
|
Purchase of goods |
|
|
Rendering of services |
|
|
|
|
|
Amounts payable to related party |
|
|
|
|
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
2024 |
Other related parties |
|
Purchase of goods |
|
|
Rendering of services |
|
|
|
|
|
Amounts payable to related party |
|
|
|
|
Loans to related parties
|
2025 |
Key management |
Other related parties |
Total |
|
At start of period |
|
|
|
|
Repaid |
- |
( |
( |
|
At end of period |
|
|
|
|
|
|||
|
2024 |
Key management |
Other related parties |
Total |
|
At start of period |
|
|
|
|
At end of period |
|
|
|
|
|
|||
Loans from related parties
|
2025 |
Other related parties - stocking loan |
Key management |
Other related parties |
Total |
|
At start of period |
|
|
|
|
|
Advanced |
|
- |
- |
|
|
Repaid |
- |
- |
( |
( |
|
At end of period |
|
|
|
|
|
|
||||
|
2024 |
Other related parties - stocking loan |
Key management |
Other related parties |
Total |
|
At start of period |
|
|
|
|
|
Advanced |
|
- |
|
|
|
Repaid |
- |
- |
( |
( |
|
Repaid via debt for equity swap |
- |
- |
( |
( |
|
At end of period |
|
|
|
|
|
|
||||
|
Parent and ultimate parent undertaking |
The ultimate controlling party is
Brent Cars Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Non adjusting events after the financial period |
|
|